Friday, December 21, 2012

$600 million, multiphase project on Delaware Ave

by Natalie Kostelni

Core Realty Inc. will begin construction early next year on the first phase of an overall $600 million development that looks to transform an eight-block swath of North Delaware Avenue into an urban entertainment district called Penn Treaty Village.
Core Realty will convert the former 160,000-square-foot Ajax Metal and another 14,000-square-foot structure, which will be expanded by 6,000 square feet, for the initial phase of the mixed-use project. A distillery, 18-lane bowling alley, Live Nation concert venue, country-western bar, sports theater and an Italian restaurant are among the uses that will go into the two buildings.
If all goes as planned, construction will be completed in the fall and the initial phase of Penn Treaty will open in spring 2014. It sits across from the SugarHouse Casino.
Around the same time, Core Realty will begin to seek approvals for the second phase of Penn Treaty, which will take place along the 900 block of Delaware Avenue. Anchor tenants for that phase will be include an Imax movie theater, fitness facilities, restaurants and retail along the first floor of a 126-unit apartment complex in a converted warehouse called the Pennthouse. Core Realty started work a month ago on converting another warehouse next to the Pennthouse that will have 100 apartments.
Financing for the project is not an issue, said Randall A. Mineo, executive vice president with Core Realty.
Penn Treaty will join just a few other large-scale developments along the Delaware River waterfront including SugarHouse and Waterfront Square.
“This fits very well with our plan for the waterfront,” said Tom Corcoran, president of theDelaware River Waterfront Corp. “We call that area the Uplands to distinguish it from the area along the river. It’s now a hodgepodge of different uses, low-level uses and vacant lots, and we hoped to see it developed into a high-quality destination.”

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